AbCellera Biologics (NASDAQ:ABCL) Price Target Raised to $14.00

AbCellera Biologics (NASDAQ:ABCL) had its price objective boosted by Stifel Nicolaus from $9.00 to $14.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on the company. Jefferies Financial Group started coverage on AbCellera Biologics in a research note on Friday, October 30th. They issued a “buy” rating and a $21.00 price target for the company. Cantor Fitzgerald raised their price target on AbCellera Biologics from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Wall Street Zen upgraded AbCellera Biologics from a “sell” rating to a “hold” rating in a research report on Saturday, October 31st. Truist Financial upped their price objective on AbCellera Biologics from $12.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a research note on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.20.

AbCellera Biologics Price Performance

Shares of NASDAQ ABCL opened at $11.62 on Tuesday. The firm has a fifty day moving average price of $12.34 and a 200-day moving average price of $7.19. The stock has a market cap of $3.80 billion, a PE ratio of -24.21 and a beta of 1.59. AbCellera Biologics has a 1 year low of $2.74 and a 1 year high of $15.02.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Monday, November 9th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. AbCellera Biologics had a negative net margin of 218.54% and a negative return on equity of 15.35%. The firm had revenue of $10.64 million for the quarter, compared to the consensus estimate of $8.42 million. During the same period last year, the firm earned ($0.19) EPS. On average, research analysts expect that AbCellera Biologics will post -0.65 EPS for the current year.

Insider Transactions at AbCellera Biologics

In related news, major shareholder Holdings Ltd. Thermopylae acquired 60,565 shares of AbCellera Biologics stock in a transaction dated Thursday, November 12th. The shares were purchased at an average price of $11.54 per share, for a total transaction of $698,920.10. Following the completion of the transaction, the insider directly owned 56,194,662 shares in the company, valued at approximately $648,486,399.48. This represents a 0.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 28.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds have recently modified their holdings of the stock. Voya Investment Management LLC purchased a new position in AbCellera Biologics during the third quarter valued at $2,743,000. Cibc World Market Inc. increased its holdings in AbCellera Biologics by 34.9% in the 3rd quarter. Cibc World Market Inc. now owns 23,261 shares of the company’s stock valued at $339,000 after acquiring an additional 6,015 shares during the last quarter. HighTower Advisors LLC lifted its stake in AbCellera Biologics by 24.7% in the 3rd quarter. HighTower Advisors LLC now owns 134,631 shares of the company’s stock worth $1,964,000 after purchasing an additional 26,698 shares in the last quarter. Bessemer Group Inc. purchased a new stake in AbCellera Biologics in the 3rd quarter worth $380,000. Finally, Allworth Financial LP boosted its holdings in shares of AbCellera Biologics by 35.3% during the 3rd quarter. Allworth Financial LP now owns 15,748 shares of the company’s stock valued at $230,000 after purchasing an additional 4,105 shares during the last quarter. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

AbCellera Biologics Inc. is a biotechnology company headquartered in Vancouver, Canada. It discovers and develops antibody-based medicines, using laboratory and computational tools to identify and optimize antibodies that may be developed into treatments for disease. The company works with pharmaceutical and biotechnology partners on antibody discovery and drug development, while also advancing a portfolio of its own therapeutic candidates. Its work spans early-stage research through preclinical and clinical development, with programs focused on areas including cancer and immune-related diseases.